Gold in will: Gold in India is not just a sign of jewelery or heritage, but an important property. Whether it is jewelery, coins or digital gold, it protects it from legal disputes and makes the succession process easier. Know the will and tax planning, you can make this process even more comfortable for your heirs.
Gold is not just a heritage, an important property
Benefits of including gold in will
How to include a will to gold
Tax rules for heir
Record and disclosure important
Wealth transfer planning is a responsibility
Gold is not just a heritage, an important property
Gold in India has been kept in homes for generations, but it is often linked to only emotional value. Actually, it is an important asset like any other prompt property. If it is not clearly included in the will, there may be a dispute or legal delay between the successors. Therefore, it is necessary to enter gold systematically like other properties.
Benefits of including gold in will
By mentioning gold in the will, your desire for its sharing becomes legally binding. In this, the type of gold, quantity, location and the name of the beneficiary should be written clearly. This can prevent unnecessary litigation in the family. Whether it is family jewelry or a recently purchased gold ETF, clear instructions reduces the difficulties of successors.
How to include a will to gold
Gold is similar to any other prompt property under Indian succession law. The document, date and two witnesses are required to include it in the will. It is prudent to write an account or folio number for Digital Gold, Sovereign Gold Bond or Gold Fund. The mention of notaryized inventory and storage location for physical gold makes the work of Executive easier.
Tax rules for heir
The gold found through the will has no tax at the time of heritage, but on selling one has to pay a capital gense tax. Its cost (Cost of Aquisition) is fixed on the basis of the purchase price of the original owner and the holding period is also connected to it. The current tax rate on long -term capital gains is low, which may benefit. The heirs are advised to keep a valuation of gold on the date of heritage.
Record and disclosure important
It is necessary to keep documents such as gold procurement receipts, valuation certificate and bank locker information. Update your will from time to time so that new gold investment is also recorded in it. Income tax returns or gold holding in wealth returns if needed gives legal clarity. This step also prevents the questions of the authorities at the time of transfer.